This lesson begins with dispelling common myths about millionaires through the interactive “Millionaire Quiz.” Students then have an opportunity to give their opinions of wealth in a brainstorming activity that culminates in a formalizing of the definition of wealth through the equation of “assets – liabilities = net worth.” Using a variety of interactives, students will further distinguish between wealth-building and depreciating assets and finalize the discussion by using an interactive balance sheet to calculate and visualize how wealth is created.
Objectives
- Define wealth using the concept of net worth.
- Measure wealth using a balance sheet.
- Distinguish between wealth-creating assets and other types of assets.
Grade Level
High School – College
Time Required
One 50-minute class period
Materials
- SmartBoard (optional). If using a computer and projector, please click when procedure says touch.
- Interactive PDF file
- Copies of Handout 1: Real Life Balance Sheets, cut apart
- Copies of Handout 2: What Does It Mean to Be Wealthy? (optional)
National Standards in K–12 Personal Finance Education
- Planning and Money Management
- Standard 1: Develop a plan for spending and saving.
- Standard 2: Develop a system for keeping and using financial records.
- Standard 6: Develop a personal financial plan.
